EOCO warns against Royal Gardens Network and Hubtel Mobile Money Lending | General news

The Economic and Organized Crime Office (EOCO) has warned Ghanaians against the activities of two unauthorized online investment schemes with the aim of defrauding the public.

A statement signed by Madam Faustina Lartey, Head of Public Affairs Unit, EOCO and copied to Ghana News Agency, said investigations by EOCO revealed that the Royal Gardens Network and Hubtel Mobile Money Lending were operating as online investment companies with unsuspecting intent to defraud. victims.

He said: “Checks have established that Royal Gardens Network and Hubtel Mobile Money Lending have not been registered by either the Bank of Ghana (BoG) or the Securities and Exchange Commission (SEC) or the Registrar General’s Department. “

The statement, however, states that they acted by tricking their victims into investing in the businesses while promising them high returns using mobile money and WhatsApp platform channels.

He said the practice was that once they defrauded their victims, they immediately disbanded the WhatsApp group, and a different group was then created with new members and the cycle continued.

The statement says that both companies operate on ponzi and pyramid schemes, making early subscribers to make a profit and ultimately profiting off the masses who may not suspect the fraud in the end.

He provided public safety to prevent and detect organized crime by monitoring online investments to ensure citizens were protected from scammers and fraudsters.

Source: GNA

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